Which decision-making bias means giving disproportionate weight to possibly irrelevant information while not enough weight to other factors?

Question

BlackTom AI · Accepted Answer

In decision-making psychology, different biases affect how we weigh information when making choices.
Option 1: Anchoring Bias. This bias occurs when a decision-maker relies too heavily on an initial piece of information (the anchor) and gives disproportionate weight to that anchor, while failing to adjust adequately for other relevant factors. It directly matches the description of giving possibly irrelevant information outsized influence and underweighting other factors.
Option 2: Status Quo Bias. This is the tendency to prefer things to stay the same or maintain the current situation, rather than evaluating new options on their own merits. It does not center on weighting information unevenly but on a preference for existing conditions.
Option 3: Beauty Contest Game. In game theory, a beauty contest game involves trying to predict others’ choices to converge on an average or majority prediction. It’s about strategic forecasting rather than misweighting information in individual decision processes.
Option 4: Sunk Cost Fallacy. This is the tendency to continue an endeavor because of prior investments of time, money, or effort, regardless of current relevance or future value. It concerns past costs rather than how information is weighed in the present decision.
Option 5: The Prudence Trap. This term suggests excessive caution in decision-making, leading to overly conservative choices, but it does not specifically describe misweighting information relative to other factors.
Thus, the option that precisely matches the described bias is Anchoring Bias, as it encapsulates overemphasis on an initial piece of information at the expense of other relevant considerations.

MGMT 102 LEC ONL: MANA... 11 | Submit | Final Exam

Which decision-making bias means giving disproportionate weight to possibly irrelevant information while not enough weight to other factors?

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